$ONL

Orion Properties Inc.

CIK:0001873923|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenues	$ 34,304	$ 37,305	$ 70,575	$ 75,306
Operating expenses:
Property operating	12,477	15,895	27,260	32,345
General and administrative	4,611	4,838	9,751	9,734
Depreciation and amortization	13,520	14,928	26,679	30,950
Impairments	0	19,503	6,296	21,212
Transaction related	312	75	571	139
Total operating expenses	30,920	55,239	70,557	94,380
Other income (expenses):
Interest expense, net	(7,330)	(8,016)	(14,580)	(16,172)
Gain on disposition of real estate assets	28,826	891	28,826	891
Loss on extinguishment of debt, net	(288)	0	(532)	0
Other income	63	404	306	657
Other expenses	(1)	(108)	(3,320)	(108)
Recovery of reserve on Member Loan	0	0	439	0
Equity in loss of unconsolidated joint venture, net	0	(271)	0	(517)
Total other income (expenses), net	21,270	(7,100)	11,139	(15,249)
Income (loss) before taxes	24,654	(25,034)	11,157	(34,323)
Provision for income taxes	(71)	(67)	(142)	(133)
Net income (loss)	24,583	(25,101)	11,015	(34,456)
Net income attributable to non-controlling interest	(4)	(2)	(14)	(8)
Net income (loss) attributable to common stockholders	$ 24,579	$ (25,103)	$ 11,001	$ (34,464)
Weighted average common shares outstanding - basic (in shares)	56,946	56,254	56,756	56,149
Weighted average common shares outstanding - diluted (in shares)	58,106	56,254	57,488	56,149
Net income (loss) per share attributable to common stockholders - basic (in dollars per share)	$ 0.43	$ (0.45)	$ 0.19	$ (0.61)
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share)	$ 0.42	$ (0.45)	$ 0.19	$ (0.61)
Rental
Total revenues	$ 34,098	$ 37,102	$ 70,232	$ 74,899
Fee income from unconsolidated joint venture
Total revenues	$ 206	$ 203	$ 343	$ 407

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 11,015	$ (34,456)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	26,679	30,950
Straight-line rental revenue and other non-cash revenue adjustments, net	(1,109)	(6,319)
Impairments	6,296	21,212
Gain on disposition of real estate assets	(28,826)	(891)
Loss on extinguishment of debt, net	532	0
Amortization of deferred financing costs	1,773	1,834
Equity-based compensation, net	1,682	1,526
Equity in loss of unconsolidated joint venture, net	0	517
Recovery of reserve on Member Loan	(439)	0
Changes in assets and liabilities:
Accounts receivable, net and other assets, net	(482)	248
Accounts payable, accrued expenses and other liabilities, net	(8,766)	(5,305)
Net cash provided by operating activities	8,355	9,316
Cash flows from investing activities:
Investment in real estate assets	(14,830)	0
Capital expenditures and leasing costs	(33,661)	(15,631)
Proceeds from disposition of real estate, net	81,443	22,825
Origination of Member Loan	0	(8,328)
Principal repayments received on Member Loan	1,117	2,123
Principal repayments received on notes receivable	0	2,500
Deposits for real estate assets	(305)	0
Uses and refunds of deposits for real estate assets	655	0
Net cash provided by investing activities	34,419	3,489
Cash flows from financing activities:
Payments on mortgages payable	(38,402)	0
Payments of deferred financing costs	(8,228)	(8)
Repurchases of common stock to settle tax obligations	(619)	(466)
Distributions paid	(2,263)	(6,719)
Other financing activities	(372)	(308)
Net cash used in financing activities	(39,884)	(16,501)
Net change in cash and cash equivalents and restricted cash	2,890	(3,696)
Cash and cash equivalents and restricted cash, beginning of year	60,639	57,170
Cash and cash equivalents and restricted cash, end of period	63,529	53,474
Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of year	22,362	15,600
Restricted cash at beginning of year	38,277	41,570
Cash and cash equivalents and restricted cash, beginning of year	60,639	57,170
Cash and cash equivalents at end of period	16,870	17,384
Restricted cash at end of period	46,659	36,090
Cash and cash equivalents and restricted cash, end of period	63,529	53,474
Original Revolving Facility
Cash flows from financing activities:
Proceeds from Revolving Facility	18,000	13,000
Repayments of Revolving Facility	(110,000)	(22,000)
New Revolving Facility
Cash flows from financing activities:
Proceeds from Revolving Facility	127,000	0
Repayments of Revolving Facility	$ (25,000)	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate investments, at cost:
Land	$ 167,254	$ 176,532
Buildings, fixtures and improvements	956,882	976,676
Total real estate investments, at cost	1,124,136	1,153,208
Less: accumulated depreciation	196,198	195,042
Total real estate investments, net	927,938	958,166
Accounts receivable, net	41,111	35,333
Intangible lease assets, net	77,872	75,947
Cash and cash equivalents	16,870	22,362
Restricted cash	46,659	38,277
Real estate assets held for sale, net	0	12,803
Other assets, net	29,625	27,614
Total assets	1,140,075	1,170,502
LIABILITIES AND EQUITY
Mortgages payable, net	331,802	371,957
Credit facility revolver	102,000	92,000
Accounts payable and accrued expenses	25,471	40,219
Below-market lease liabilities, net	17,429	18,449
Distributions payable	1,141	1,208
Other liabilities, net	28,203	22,154
Total liabilities	506,046	545,987
Common stock, $0.001 par value, 100,000,000 shares authorized 57,044,714 and 56,314,634 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	57	56
Additional paid-in capital	1,152,706	1,151,644
Accumulated other comprehensive loss	0	(5)
Accumulated deficit	(520,011)	(528,482)
Total stockholders’ equity	632,752	623,213
Non-controlling interest	1,277	1,302
Total equity	634,029	624,515
Total liabilities and equity	$ 1,140,075	$ 1,170,502